NTRS: CEO & CFO at Our Chicago Conference

研报英文原文证据摘录

NTRS: CEO & CFO at Our Chicago Conference

Equity Research

Company Update — May 13, 2026

Large-Cap Banks

Northern Trust Corporation

CEO & CFO at Our Chicago Conference Equal Weight

Price Target: $175.00

Our Call Ticker NTRS

Upside/(Downside) to Target 7.4%

NTRS has reoriented itself toward profitable growth and positive operating leverage,

with a greater contribution from wealth/asset mgt and client selectivity in asset servicing. Price (05/13/2026) $162.97

Growth rates are now more similar to peers, but w/ superior ROE. 52 Week Range $104.09 - 173.18

Market Cap (MM) $30,400

Renewed focus on profitable growth, with execution the key variable. Management is Enterprise Value (MM) $(282)

sharpening focus across three dimensions: (1) wealth acceleration, (2) capital markets Average Daily Value (MM) $180

as embedded capabilities, and (3) cultural shift toward urgency and accountability. Dividend Yield 2.0%

While NTRS hasn't abandoned its medium term goal of 105-110% expense/trust fees,

management more clearly stated that NTRS gets paid by clients through liquidity $ (Dec) Q1 Q2 Q3 Q4 FY

management (i.e., NII). EPS

2026E 2.71 A 2.66 E 2.70 E 2.89 E 10.95 E

Wealth positioned as primary growth engine. NTRS is pushing for faster wealth growth 2027E 2.77 E 3.13 E 3.10 E 3.26 E 12.25 E

by leveraging brand, stability, and trust capabilities, while expanding the funnel (more

Source: Company Data, Wells Fargo Securities estimates, and Factset.

producers) and extending family office solutions down-market. New initiatives include NA = Not Available, NC = No Change, NE = No Estimate

liquidity solutions for clients and greater use of alternatives via 50 South. Deposit

gathering is becoming more intentional, with incentives aligned accordingly. Mike Mayo, CFA